FxWirePro: EUR/USD trades higher on US trade war, good to buy on dips
EUR/USD continuing its bullish trend for the fifth consecutive days on account of trade wars. US President Donald Trump said that US which has nearly USD 800 billion deficit is ready for trade war with other countries. E…
EUR/USD continuing its bullish trend for the fifth consecutive days on account of trade wars. US President Donald Trump said that US which has nearly USD 800 billion deficit is ready for trade war with other countries. Euro gained almost 100 pips yesterday and broken yesterday high of 1.24199 and is currently trading around 1.24387.
Market eyes ECB meeting which is to be happened on Thursday for further direction. ECB is expected to upgrade the Eurozone economy but will remain dovish about the future plans on removal of Quantitative easing. The major economic data to be released during U.S session is US ADP employment
The pair is facing near term resistance of 1.2435 and break above will take the pair till 1.2465/1.2500. Bullish continuation can be seen above 1.2550.
On the lower side, near term support is around 1.2380 and any violation below will drag the pair to next level till 1.2330/1.2270.
It is good to buy on dips around 1.2430-35 with SL around 1.2380 for the TP of 1.2500/1.2550.
